Mumbai, India — British Prime Minister Keir Starmer and his Indian counterpart Narendra Modi on Thursday praised the recently concluded UK–India trade agreement, calling it transformative and a symbol of renewed economic partnership between the two nations.
Signed in July, the trade deal aims to reduce tariffs on a wide range of goods — from textiles and whisky to cars and spices — while opening new market opportunities for businesses on both sides. The agreement targets a £25.5 billion ($34 billion) boost in bilateral trade by 2040.
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Starmer, addressing the India–UK CEO Forum in Mumbai, said trade and investment had already surged since the deal’s signing.
“In the three months since we actually signed that deal, we’ve seen a £6 billion boost in trade and investment,” he noted, emphasizing that this growth builds upon last year’s gains.
Both countries are recalibrating trade relations in the wake of tariff pressures from the United States, which recently imposed higher duties on Indian goods over its ongoing trade with Russia. Despite securing its own trade deal with Washington, the UK has also faced moderate tariffs.
Prime Minister Modi expressed optimism that bilateral trade, currently valued at $56 billion, would double well before the 2030 target.
“India’s dynamism and the UK’s expertise together create a unique synergy,” Modi said, adding that Starmer’s visit reflects the new energy and broad vision driving the partnership.
Starmer’s two-day trade mission to India included over 100 leaders from the UK’s business, cultural, and academic sectors. He underscored that his visit aimed to double down on the potential of the trade deal and urged investors to look toward Britain.
“This is just the start,” he said at a fintech event. “It’s time to invest in the United Kingdom, invest in this relationship, and invest in our shared future.”
The Indian Ministry of External Affairs announced a series of joint initiatives, including a Connectivity and Innovation Centre, a Joint AI Centre, and a Critical Minerals Industry Guild to strengthen supply chains and promote green technology.
According to Downing Street, 64 Indian companies have pledged to invest £1.3 billion ($1.73 billion) in the UK — expected to create around 6,900 new jobs.
Earlier in the day, Starmer met Commerce Minister Piyush Goyal, who said the two sides discussed ways to deepen India–UK trade and economic partnership for mutual prosperity. Both leaders reaffirmed their ambition to double bilateral trade by 2030 and to reposition the Joint Economic and Trade Committee (JETCO) to oversee the pact’s implementation.
The UK–India trade agreement also opens up Britain’s financial, professional, and technology services to a market of 1.4 billion people, with India projected to become the world’s third-largest economy by 2030.
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